Teledyne Technologies To Hold Investor Meetings
LOS ANGELES - June 18, 2003 - Teledyne Technologies Incorporated (NYSE:TDY) announced that Robert Mehrabian, chairman, president and chief executive officer, and Jason VanWees, director of corporate development and investor relations, will be holding investor meetings in St. Petersburg, Florida on June 19, 2003.
Copies of Teledyne Technologies' latest investor presentation will be publicly available on the company's website at www.teledyne.com prior to the scheduled presentations.
Teledyne Technologies is a leading provider of sophisticated electronic components, instruments and communication products, systems engineering solutions, aerospace engines and components and on-site gas and power generation systems. Teledyne Technologies has operations in the United States, the United Kingdom and Mexico. For more information, visit Teledyne Technologies' website at www.teledyne.com.
Teledyne's investor relations presentation contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, relating to orders, sales, operating profit, earnings, cost-savings, growth opportunities, capital expenditures, pension income and expense, pension contributions and strategic plans. Actual results could differ materially from these forward-looking statements. Many factors, including changes in demand for products sold to the semiconductor, communications and commercial aviation markets, timely development of acceptable and competitive fuel cell products and systems, funding, continuation and award of government programs, receipt of (or failure to receive) government award fees based on performance achievements, the terms of the company's renewal of its aircraft product liability insurance policy, customers' acceptance of piston engine insurance-related price increases or surcharges, continued liquidity of the company's customers (including commercial airline customers) and economic and political conditions, could change the anticipated results.
Global responses to terrorism and other perceived threats increase uncertainties associated with forward-looking statements about our businesses. Various responses could realign government programs, and affect the composition, funding or timing of our programs. As happened after the September 11th terrorist attacks, reinstatement of flight restrictions would negatively impact the market for general aviation aircraft piston engines and components.
September 11th and various public company governance issues have had adverse impacts on the insurance markets greatly increasing insurance costs. The company's existing aircraft product liability insurance policy expired in May 2003 and our directors and officers policy expires in November 2003. In addition, the continuing downturn in the stock market has negatively affected the value of the company's pension assets. Absent improved market conditions, the company will be required to make a contribution to its pension plan in 2004.
The company continues to take action to assure compliance with the internal controls, disclosure controls and other requirements of the Sarbanes-Oxley Act of 2002. While the company believes its control systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and not be detected.
While Teledyne Technologies' growth strategy includes possible acquisitions, the company cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions, including the recent acquisition of Teledyne Tekmar Company, involve various inherent risks, such as, among others, the company's ability to integrate acquired businesses and to achieve identified financial and operating synergies. Also, the company may not be able to sell or exit timely or on acceptable terms its remaining non-core or under-performing product lines, particularly given the current economic environment.
Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including its 2002 Annual Report on Form 10-K and its Form 10-Q.